Business, 13.03.2020 05:21, Bekks

Kyle has $1000 in cash received for high school graduation gifts from various relatives. He wants to invest it in a certificate of deposit (CD) so that he will have a down payment on a car when he graduates from college in five years. His bank will pay 1.5% per year, compounded annually, for the five-year CD. How much will Kyle have in five years to put down on his car?

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Kyle has $1000 in cash received for high school graduation gifts from various relatives. He wants to...